Less than a month after the national credit union movement preserved its federal tax exemption under the new tax law, bankers are trying to split the movement by targeting larger credit unions for a new tax in Iowa.
The Iowa Bankers Association is airing television and radio ads calling for credit unions to be taxed, with rhetoric that paints credit unions as tax evaders.
One spot depicts a young white middle class couple at their home with two children. It says the average Iowa family earns $55,000 and pays $7,000 in income taxes. "Meanwhile, just one Iowa credit union makes $57 million a year. This big credit union, one of the largest in the state, pays nothing in income taxes. Absolutely nothing. It's time for an Iowa tax code that's fair. Let's end the credit union industry's free ride."
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